RealPage Acquires eREI
Acquisition of Lead2Lease™ solution provider expands lead management capabilities
(June 23, 2010)—RealPage, Inc.(www.realpage.com), a leading provider of on-demand software and services to the rental housing industry, today announced an agreement to acquire eREI, maker of the on-demand Lead2Lease customer relationship management (“CRM”) system (www.lead2lease.com). In addition, eREI markets PropertyLinkOnline, an on-demand system that syndicates and synchronizes rich property content to Internet marketing sites, and provides a Market Analysis tool, which contains a database of asking rents for tens of thousands of apartment homes with notification capabilities when a nearby property changes rents or offers a concession. “This is a great fit for RealPage,” said Jon Tull, president of eREI, who will remain in his position. “Our lead management technology dovetails into RealPage’s paperless leasing system, saving on-site staff time and streamlining the leasing experience for resident prospects.”
Lead2Lease aggregates and tracks walk-in, Internet and phone leads. Lead2Lease is integrated with CrossFire, CallSource, Who’s Calling and Level One to facilitate capture of leads from call centers. Lead2Lease also integrates with hosted and self-hosted versions of Yardi, MRI, AMSI and RealPage, providing a bi-directional data sync between these systems. Lead2Lease creates guest cards from Internet lead sources, including a property’s website enhancing lead visibility, while increasing the ease and efficiency of managing the leasing process. Lead2Lease also replies to resident prospect inquiries with customized auto responses, answering the prospect’s specific property and leasing questions and provides integrated tour appointment setting tools.
eREI also offers PropertyLinkOnline (www.propertylinkonline.com), which enables owners to post listings to major Internet Listing Services (“ILSs”). PropertyLinkOnline monitors each ILS listing to verify that content remains consistent between all Internet listings and corrects listings that have inconsistencies in them. In addition to posting to Internet Listing Services, PropertyLinkOnline also syndicates content to search engines, classifieds and social networks.
About Market Survey
eREI Market Survey maintains a database of asking prices and concessions from apartment communities around the country. This database is frequently updated and provides a view of the competitive marketplace down to the floor plan for properties nationwide.
According to Dirk Wakeham, president of RealPage, “RealPage currently markets its family of sales and marketing solutions under the trade name “CrossFire.” Most eREI products and services will be added under the CrossFire product family. Market Survey will be marketed separately by MPF Research, a division of RealPage. eREI is an important acquisition for RealPage, as it extends our offering of sales and marketing solutions to the multifamily industry. Our goal is to provide our customers with a seamless and powerful way to make the most of every lead, no matter where it comes from.”
Jon Tull will continue to manage development, support and product marketing for eREI solutions from his California offices. All current employees are expected to remain with the company. Upon closing of the transaction, RealPage will add eREI’s offices in Camarillo to its existing offices in San Diego, Irvine, and San Francisco, California.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on-demand (also referred to as “Software-as-a-Service” or “SaaS”) products and services to apartment communities and single family rentals across the United States. Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, and military housing properties; CrossFire® sales and marketing systems that boost occupancy and build retention; YieldStar® asset optimization systems that increase asset valuation and investment return; Velocity™ billing & utility management services that increase collections and reduce delinquencies; LeasingDesk® risk mitigation systems that reduce a community’s exposure to risk and liability; and OpsTechnology™ spend management systems that help owners manage and reduce operating expenses. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally- managed multifamily housing. Through the Domin-8 acquisition, RealPage added property management systems to address the small and medium-size business (“SMB”) segment with Tenant Pro™, Spectra™, iCAM™, Management Plus and other property management systems. RealPage offers Platform-as-a-Service through its AppExchange platform which provides a comprehensive toolkit of integration services for third-party application providers. Finally, RealPage now offers Infrastructure-as-a-Service to multifamily owners and operators to reduce IT costs and dramatically improve integration performance and reliability. For more information, call 1-877-REALPAGE or visit www.realpage.com.
eReal Estate Integration, Inc. (“eREI”) is a software applications and commercial real estate analytics company specializing in multifamily data exchange systems and integration, data mining and related technologies.
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